Sales Channel: Incentivize, Maximize, Profit!
Your Sales Channel
Let’s make this one simple. If you manage your sales channel program, there is only so much you can do to get sales reps sell your brand over your competitors’ products. By yourself, you can only make a rapport with your sales reps and hope they just like your brand over the other options. However, business being what it is, you likely can’t keep a continuous one-on-one relationship with every single sales rep. This is especially true if your sales people are in retail.
So what do you do?
You incentivize your product! Reward your sales people for choosing to sell your brand. By setting up Spiff or long-term promotions, you can provide quality and relevant rewards for your reps to sell your brand over the competition!
Now, there are two main ways to look at an incentive program for your sales channel:
On one hand, you want to build brand loyalty, and on the other, you want to reward fast-paced selling with Spiff promotions.
With loyalty-based programs, you’re just trying to incentivize your sales people to choose your brand over the others. They let you communicate directly with your sales reps, provide training on your products, and incentivize selling your brand to maximize the relationship you have.
On the other hand, you can use an incentive program to boost sales of a certain product within a specific amount of time.
Say you make computer accessories, and you notice your Ergonomic Sleek Movement Mouse (Just go with it- they don’t ask me to name the products!) is not doing as well as you had anticipated. Well, set up a Spiff promotion to incentivize that product, and watch your sales channel quickly improve numbers!
While you might invest money in the incentives, it is very easy to see profits and track ROI using reports and analytical tools. And if your incentive program is worth anything, it will allow you to see the progress of the promotion while it’s still going on, giving you real-time feedback on your sales.
Naturally, when a sales rep sees you give back for their hard work, they will sell more of your product. Incentivizing your sales channel improves brand awareness, loyalty, and profits.
Interested in more information? Schedule a demo of WorkStride to see how we can help maximize your sales channel performance!